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30 June 2022
CMOs look for the ‘why’ on Web3.0
MetaverseManaging the marketing function
The opportunity of the metaverse and Web3.0 requires careful consideration, according to a panel of leading CMOs, and brands shouldn’t jump on the bandwagon for the sake of it.
Why it matters
While the metaverse and Web3.0 is getting a lot of hype in the marketing industry, brands are doing themselves a disservice by not examining their motivations for entering the space and whether it is truly the right fit for the brand. Missteps can be costly.
What to consider
“When you talk about Web3.0 … you need to ask yourself a few questions,” said Mathilde Delhoume, Chief Brand Officer at LVMH, speaking at the Cannes Lions International Festival of Creativity.
In Delhoume’s view, brands need to consider:
the longer term benefits of being in the metaverse or Web3.0;
who exactly they are targeting, and what type of customers they want to attract to the brand;
the added value that Web3.0 will offer to customers, if at all;
how any activation improves the desirability of the brand, or not;
whether an additional touchpoint will benefit or dilute the brand.
Wait and see
Tamara Rogers, Global Chief Marketing Officer at GSK agrees that brands need to make sure they have a thoughtful strategy when it comes to the metaverse and Web3.0. As a consumer health company, the metaverse isn’t in their current plans, although Rogers is looking to see how Web3.0 develops in the near future.
“We do think there’s a big opportunity because Web3.0 offers so many possibilities around connection and community,” Rogers said. “We want to find ways to help people take better care of themselves,”
Dara Treseder, Head of Global Marketing and Communications at fitness company Peloton, is resistant to the hype for now, although she is optimistic about the future: “I don’t feel any pressure… what I’m trying to do is understand what I think is the next iteration of the meshing the physical world and the virtual world.”